Merrill Lynch Deferred Pay Case Won’t Slow Down for Arbitration

Seven former financial advisers for Bank of America Corp.'s investment management unit lost their bid to pause litigation over allegedly forfeited commission-based compensation while they try to resolve their claims out of court.

The former Merrill Lynch advisers, who are seeking more than $2 million in arbitration overseen by the Financial Industry Regulatory Authority, last month sought to intervene in a pending federal lawsuit in which a proposed class of ex-advisers are seeking similar payments. Judge Kenneth D. Bell of the US District Court for the Western District of North Carolina on Wednesday denied their motions to intervene and pause ...